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Cymer reduces headcount by 8 percent
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Cymer said it will reduce its worldwide workforce by approximately 8 percent, or 85 total employees, which are in addition to a range of cost saving measures previously in place as the severity of the semiconductor downturn becomes clearer.
"These types of actions which impact valued employees are always difficult,” commented Ed Brown, Cymer’s President and Chief Operating Officer. “We have closely managed our resource levels over the last several years, but given the severity of the slowdown in the economy and semiconductor industry, this step is necessary to align our cost structure with forecasted business levels. Prior to this reduction in force we implemented a number of companywide cost-saving measures, including outside service and travel reductions, employee use of accrued vacation, a planned holiday shutdown, and other discretionary spending cuts. We are doing our best to minimize the impact on those affected by offering competitive separation packages and outplacement services.”
Cymer expects to record restructuring related charges of approximately $3.2 million in conjunction with the work force reduction in the company’s fourth quarter 2008 financial results.